while other non-interest income declined yoy. Overall operating expenses also declined from effective cost management when comparing to the same period last year. The Bank continued to remain prudent when

Selling And Administrative Expenses 1,208.25 1,093.54 1,100.09 1,023.93 Total Cost And Expenses 4,660.90 4,152.15 4,519.72 4,658.42 EBITDA 752.85 637.63 542.31 665.63 Depre. & Amor. 289.82 295.77 233.85

production process more efficient as a result of good cooperation from customers, partners and employees in communicating information to make advance planning that makes cost effective. 3. The consolidated net

REVENUE CONTRIBUTION (THB mn) 2018 REVENUE BY SEGMENTS (THB mn) Cost of sales grew by 131.1% from THB 390mn in 2017 to THB 900mn in this year, mainly due to the aforementioned consolidation. Trans.Ad

49.34 17.69% Finance cost 49.11 68.10 18.99 38.67% Income tax expenses 48.04 57.52 9.48 19.73% Net profit 181.71 202.58 20.87 11.49% Net profit ratio (ROS) 17.16% 15.74% Earnings per share (Baht) 0.34

% 275.3 263.4 4.5% EBITDA 489.0 496.1 585.4 (1.4%) (16.5%) 1,074.5 1,137.5 (5.5%) EBITDA Margin 55.6% 56.3% 61.6% 58.7% 60.7% Finance cost (38.6) (42.1) (39.1) (8.3%) (1.3%) (77.7) (62.1) 25.1% Income tax

of marketing and promotional budgets to spur growth through priority channels, strong push of product sampling experiences among the target group to attract the trials for future sales and cost

(6,915.0) (35.8%) Total Cost 11,414.6 5,001.5 (6,413.1) (56.2%) Gross Profit/2 7,446.9 6,475.5 (971.4) (13.0%) Net Profit 2,898.2 3,266.4 368.3 12.7% /1 Including other income and share of profit from

. During the last 4 months of 2017 (September to December), the Company had production not only full capacity during the off-peak period (the period where electricity cost is cheaper), but also extended some

mainly from higher selling price of processed food for domestic market. GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2019 Page 4 of 13 Cost of Sales and Gross